Florence Homebuyers Face Challenges Amid Housing Inventory Surge

News Summary

Florence’s real estate market witnesses an 88% increase in housing inventory compared to last year, which seems beneficial for buyers. However, despite a 10% drop in median home prices to $230,000, high demand for homes priced between $200,000 and $300,000 makes it challenging to secure affordable options. Homes are now selling faster, with an average of 71 days on the market. New constructions add to the inventory, but many start at prices above $250,000, limiting options for first-time buyers. Despite increased inventory, home sales experienced a 15.7% decline in January.

Florence Homebuyers Struggle Despite 88% Increase in Housing Inventory

Florence is buzzing with activity in the real estate market! Can you believe it? The city has a whopping 88.1% increase in homes for sale as of January compared to the same time last year. That sounds like good news for people searching for a new home, right? Well, it turns out that while the inventory is up, the journey to snagging that dream home remains just as challenging – especially for those trying to stick to a budget.

Price Drops and High Demand

Let’s talk numbers! The median home price in Florence has dropped by 10%, now sitting at $230,000. So, if you’re on the hunt for affordable housing, it might seem like a blessing. But don’t get too excited just yet; the demand for homes priced between $200,000 and $300,000 is through the roof, making those options really hard to secure. The high demand combined with the lower prices creates a scramble, with buyers jumping at any opportunity.

Homes Are Selling Faster

Here’s another interesting tidbit: homes in Florence are spending an average of 71 days on the market, which is a 15.5% decrease from last year. This means that when a home does hit the market, it’s not sitting around waiting to be sold. The Pee Dee region is also witnessing a significant trend, with homes averaging a little over 25% decline in average days on market. If you’re thinking of buying, you really have to be ready to act fast!

New Construction Plays a Big Role

A huge factor in the increasing inventory is the new construction happening in the area! Communities like The Bluffs at Mill Creek and the upcoming Summit at Oakdale are adding to the offerings. In fact, the Florence planning commission has given the green light for over 600 new homes in West and South Florence. However, here’s the kicker – many of these new builds start at around $250,000 and above, which can feel pretty out of reach for first-time buyers or those looking for lower-priced homes.

What’s Behind the Demand?

So, why is everyone flocking to Florence? One major reason is the influx of people relocating to the area due to job opportunities, especially with the buzz around the new electric vehicle battery plant. More jobs in the area mean more people looking to settle down, which naturally leads to more competition in the housing market.

Sales Are Down

59 homes sold. That’s a noticeable 15.7% decrease compared to last year. So with more homes available, why aren’t people buying? It could be that many buyers are hesitant due to the ongoing competition and wanting to ensure they find the right home at the right price.

Spring: A Time for Opportunities

In conclusion, while Florence has a likely increase in options for buyers, the market remains competitive, especially for those seeking affordable housing. Whether you are considering to buy, sell, or simply browse, it’s a vibrant time in Florence’s real estate world!

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Additional Resources

• Post and Courier: Florence Homebuyers Struggle Despite 88% Increase in Housing Inventory
• New York Times: Affordable Housing in Florence, South Carolina
• Siuslaw News: City Sells Property for Affordable Housing Learning Center
• Google Search: Affordable Housing Florence
• WPDE: New Homes in Quinby, Florence County
• Encyclopedia Britannica: Affordable Housing